Announcement • Jun 10
Mila Resources plc Announces Assay Results from A Further Nine Rc Drill Holes At Its Yarrol Gold Project in Queensland, Australia
Mila Resources Plc announce assay results from a further nine RC drill holes at its Yarrol Gold Project in Queensland, Australia, which enhance the scale and continuity of gold mineralisation. The results highlight the project's broader potential, with mineralisation remaining open in several directions and additional targets emerging across the project area. The Company also provides an update on additional planned work programmes across its wider portfolio, including at the Monal Gold-Copper Project in Queensland, and the Kathleen Valley Gold Project in Western Australia. Overview: Yarrol -final assay results from holes MYARC0211-MYARC0214 and MYARC0217-MYARC0221 of the initial 12-hole RC drilling programme at Yarrol: Continuity and extensions to depth confirmed, with several holes returning multiple gold intercepts that collectively define broad zones of mineralisation, including: MYARC0213 - 3m @ 2.5 g/t from 21 m; o including 1 m @ 7.24 g/t; - 20 m @ 0.5 g/t from 66 m; - 5 m @ 1.9 g/t from 94 m; - 5 m @ 1.0 g/t from 152 m; MYARC0214 - 1 m @ 1.89 g/t from 28 m; 10 m @ 0.76 g/t from 37 m; - 2 m @ 0.76 g/t from 51 m; MYARC0217 - 29 m @ 0.74 g/t from 50 m; including 9 m @ 1.3 g/t; MYARC0219 - 5m @ 0.99 g/t from 42 m; MYARC0221 - 9m @ 0.68 g/t from 31 m. Continued identification of multiple high-grade gold shoots from shallow depth within a large mineralised system. Broad lower grade halo shows potential to define significant tonnage in the system. Continuity of mineralisation confirmed well beyond the historic resource footprint at Yarrol North and to greater depths. The gold system remains open along strike and at depth, with additional high-grade targets and parallel mineralised structures yet to be tested, supporting potential for further growth. Data integration and geological modelling work has commenced in preparation for resource estimation studies. Data integration and geological modelling is expected to be completed by mid-July, informing the next stage of drilling scheduled to begin in August, with the aim of maximising the initial resource size. Induced Polarisation (IP) geophysical studies to commence across Monal to generate and better define drill gold-copper porphyry targets. Strategic review of Kathleen Valley to commence with a low-cost, desktop-led Mineral Resource Estimate upgrade, to demonstrate the asset's underlying value and support potential value-realisation initiatives. Completion of Initial Drilling Programme; The Company's 12-hole RC drill programme was designed to test the continuity, grade distribution and geological controls of mineralisation across key target areas at Yarrol. The results have successfully demonstrated a coherent gold system characterised by high-grade cores within a broader envelope of moderate-grade mineralisation. Geological Interpretation and Scale; The evolving geological model suggests that mineralisation is structurally controlled, with multiple channels of higher-grade mineralisation developing at repeating intersections of structures within a broader mineralised corridor. This style of gold system is considered highly prospective for both tonnage and grade and supports the Company's interpretation that Yarrol represents a meaningful emerging gold system. Importantly, mineralisation remains open in multiple directions at relatively shallow depth, indicating there is considerable scope to build the resource inventory by future drilling campaigns. Pre-Resource Phase: With drilling now complete, Mila has commenced a pre-resource review phase. During this stage, the Company's technical team will: Integrate all drilling, geological and structural datasets, Refine the 3D geological model, Evaluate controls on grade distribution and shoot geometry. This phase represents a key transition point from exploration-led drilling towards resource definition and future economic assessment,building on the 3 drilling programmes completed by Mila in the last 18 months. At Kathleen Valley, Mila and its project level partners have initiated a strategic review of the asset, beginning with an updated resource study. Mila will participate in accordance with its existing equity position in the projects (30%) and still holds the right to earn up to 80%. The updated study will incorporate the most recent drilling results and assess opportunities for resource growth and expansion drilling. Heritage clearance is already in place over the Coffey target area, which provides a clear pathway for future drilling, should it be prioritised following completion of the ongoing technical work. While the majority of Mila's work is now focused on Queensland, the Company believes it retains strategic optionality and unrealised potential that targeted exploration and resource development at Kathleen Valley could unlock. Monal Gold-Copper Project - IP Programme Commencement; Alongside its pre-resource evaluation work at Yarrol, Mila is advancing its Monal Project, targeting gold-copper porphyry-style mineralisation. Geological mapping and rock chip sampling is underway at key targets, with samples already submitted to the laboratory for analysis. In addition, an IP geophysical survey is scheduled to commence in the coming weeks in order to generate high priority drill targets. The programme builds on extensive prior work, including: Review of historical exploration datasets and non-compliant resource information, Previous scout drilling campaigns, Geological mapping and structural interpretation, Surface geochemical sampling and field verification. The Company believes the integration of these datasets with new geophysical data will generate multiple drill-ready targets, which will then be ranked and prioritised for future drilling programmes.
